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Wing Yip Food Holdings Group (WYHG) announced that underwriters have fully exercised their over-allotment option to purchase an additional 307,500 American Depositary Shares (ADSs) at $4.00 per ADS, generating extra gross proceeds of $1.23 million. This brings the total offering to 2,357,500 ADSs with gross proceeds of approximately $9.43 million before expenses.
The ADSs began trading on the Nasdaq Capital Market on November 26, 2024. The company plans to use the proceeds for upgrading and establishing production lines, marketing and promotion, new product R&D, and working capital. Dawson James Securities and D. Boral Capital served as underwriters for the offering.
Deutsche Bank has been appointed as the depositary bank for Wing Yip Food Holdings Group 's (NASDAQ: WYHG) American Depositary Receipt program. Wing Yip is a meat product processing company based in Guangdong, China, specializing in cured meat products, snack products, and frozen meat products. The company's ordinary shares are listed on Korea Exchange's KOSDAQ. The Level III ADR program began on November 27, 2024, with a 1:1 ratio of ADS to ordinary shares, trading on NASDAQ under the symbol WYHG.
Wing Yip Food Holdings Group (Nasdaq: WYHG), a Chinese meat product processing company, announced the closing of its initial public offering of 2,050,000 American Depositary Shares at US$4.00 per ADS. The company raised US$8.20 million in gross proceeds and began trading on the Nasdaq Capital Market under 'WYHG' on November 26, 2024. The underwriters have a 45-day option to purchase up to 307,500 additional ADSs. Proceeds will fund production line upgrades, marketing, R&D, and working capital.
Wing Yip Food Holdings Group, a Chinese meat product processing company, has announced the pricing of its initial public offering of 2,050,000 American Depositary Shares at $4.00 per ADS. The company expects to raise $8.20 million in gross proceeds. The ADSs will trade on the Nasdaq Capital Market under symbol WYHG starting November 26, 2024. The underwriters have a 45-day option to purchase up to 307,500 additional ADSs. Proceeds will fund production line upgrades, marketing, R&D, and working capital. Dawson James Securities and D. Boral Capital are serving as underwriters.
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